Funding broker account with usd/foreign currency

J

Joey101

Registered User
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Hi guys,

I'm looking to fund a TD Direct account with USD (for investment in US stocks) from my AIB current account. AIB says they can do this but there's a transaction limit of 5,000 USD per day and it's 15 euro per transfer plus I'll probably be charged FX conversion fees as my AIB account is in euro.

Did anyone come up with a workaround for this or do I just have to bite the bullet and suffer the fees?
 
Ok thanks for that. I started the process of opening a transfermate account and hopefully I can just make transfers to it with my visa debit card in Euro and then convert to USD and go from transfermate to TD Direct.
 
Joey101 said:
Ok thanks for that. I started the process of opening a transfermate account and hopefully I can just make transfers to it with my visa debit card in Euro and then convert to USD and go from transfermate to TD Direct.
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I think TD will only recieve payments from an account with your name. So check if that will stop it.
 
RobFer said:
I think TD will only recieve payments from an account with your name. So check if that will stop it.
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It seems you are correct! I got a response from TD Direct quoted below. Does anyone know of an alternative broker that does do not have such restrictions?

I see Saxo charge 2% commission on FX (same as TD Direct)

Having checked on the Transfer Mate website, I can see that you need to deposit funds into a client account before it is forwarded on to us, which is classed as a third party payment and is unfortunately something we do not permit. All monies coming into accounts with us must come from a bank account in your name or they are classed as third party payments and will be returned to the sending bank.

Please be advised that the same restrictions apply to withdrawals, and you can only withdraw monies from your account with us to a bank account in your name.
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I am not sure. I went for TD so I was looking for solution using a dollar bank account set up with an Irish bank. I am lucky that I have a easy to use Sterling account from time spent living in England but setting up a Sterling or Dollar account from Ireland seems much more tricky. Often the account lacks basic services like online banking and there are many hidden charges.
 
I think I will set up a currency deposit account with AIB in USD for funding. I can use transfermate to get around the FX charges when moving money from my current account into it and vice versa.

I'll give it a shot and see how the charges work out.
 
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